A lack of homes for sale is pushing Bellingham prices to new heights, according to a new report.
The median sales price for a Bellingham home topped $400,000 for the first time ever in a quarterly report. The third quarter report also shows sales in Bellingham dropped a whopping 20.4 percent compared to a year ago.
That’s partly because there are simply not enough homes for sale that buyers are interested in, said Troy Muljat, a broker for Bellingham-based Mujat Group Commercial. Muljat used data from the Northwest Washington Multiple Listing Service to put together the report.
The median price for homes sold in Bellingham was $405,242, up 9.3 percent compared to the third quarter of 2016. The average number days a Bellingham home is on the market was only 22 days in the third quarter, down 49.3 percent compared to a year ago.
The situation has reached a point where it is becoming a challenge for potential sellers despite the rising prices.
“Some local homeowners are hesitant to place their homes on the market because the low inventory makes them uncertain they can find another place to buy,” Muljat said.
The crunch in Bellingham appears to be having an impact on the northeast part of Whatcom County. Home sales in Lynden rose 21.4 percent during the third quarter and its median price soared to $386,906, according to the report. Lynden’s median price was 22.8 percent higher than the third quarter of 2016.
The Nooksack and Mount Baker areas also posted double-digit increases in sales.
Home sales were down more than 10 percent in Ferndale, Birch Bay/Blaine and Sudden Valley.
The median price for a home across Whatcom County was $352,322, a 9.1 percent increase compared to a year ago – home sales in the county were down 8.7 percent.